Traders slash cost of food items by 50% as Nigerians continues hunger protest

• Some perishable commodities have seen price drops of more than 50% of the earlier price
• This is amid the #EndBadGovernanceinNigeria to demonstrate the financial difficulties in Nigeria
• Local food stores across the region are operating less frequently than normal as a result of the protests

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Amidst the ongoing statewide hunger protest, the News Agency of Nigeria reported that the prices of certain perishable goods have plummeted by over 50%.

Local food stores across the region are operating less frequently than normal as a result of the ongoing statewide hunger protests. Photo Credit: Contributor
Source: Getty Images

The #EndBadGovernanceinNigeria demonstration is scheduled to conclude on August 10. Its goal is to draw the attention of the Federal Government to the financial difficulties that Nigerians are suffering.

In separate interviews with NAN on Friday in Lagos, a few vendors and consumers at the Ile-Epo food market in the Alimosho/Agege neighborhood of Lagos state, corroborated the event.

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According to NAN, the continuing statewide hunger protests have resulted in fewer operations than usual at local food markets throughout the area.

Mr. Rabiu Aliu, a tomato vendor at the Ile-Epo market in the Agege district, stated that in an effort to minimize losses from the protest's decreased patronage, the prices of several perishable food items, like as tomatoes and chili peppers, were lowered.

“A 50kg basket of tomatoes now sells for between N40,000 and N50,000 as against N80,000 to N100,000 two weeks ago.“A 25kg basket sells between N18,000 and N19,000 as against N30,000 to N40,000 two weeks ago.“We have no choice but to sell off because few customers are available to buy the produce. The purchasing power is actually low at the moment,” Aliu said.

Another vendor, Mrs. Mukit Afolabi, stated that the hunger protest had caused a decrease in the market price of perishable goods.

“On Day 1 of the protest, tomatoes were even cheaper because there was no one to buy.“I bought 5kg basket of tomatoes at N4,000. As of two weeks ago, it sold for N12,000. So, I think the protest is contributory to the drop in price.“However, rodo (scotch bonnet pepper) is still expensive. On Monday, a bag was sold for N40,000 but today, a bag sells at N84,000 because it is currently unavailable in the market.“No produce truck has delivered any pepper since Wednesday, the day before the protest began,” Afolabi said.

FCCPC finally speaks on solution to food price hike

Legit.ng reported that in response to the nationwide rise in food prices, the Federal Competition and Consumer Protection Commission (FCCPC) has advised Nigerians to be patient.

This was stated on Tuesday during an interactive session with traders at the Dawanau and Galadima markets in Kano, as reported by NAN.

Adamu Abdullahi, the acting executive vice chairman of the FCCPC, said that the government is making appropriate efforts to address the problem.

Source: Legit.ng